Is Kanye West Launching his Memecoin?

Kanye West Sparks Crypto Speculation with Series of Tweets

Kanye West, now known as Ye, made waves in the crypto sphere over the weekend with a barrage of posts on X (formerly Twitter). Among his tweets, he hinted at launching his own memecoin and even mentioned plans for a blockchain.

However, uncertainty lingers over whether Ye himself is behind these tweets or if his account has been compromised.

Tweets Fueling the Speculation

Ye's activity on X began with a retweet of Binance co-founder Changpeng “CZ” Zhao. Ye then unfollowed CZ shortly after, prompting speculation.

The most controversial moment came when Ye mentioned the name "Swasticoin" in a tweet. Though later deleted, this raised eyebrows, as decentralized exchanges (DEXs) have been criticized for their ease of use.

In another post, Ye expressed frustration with being unable to reach out to CZ. CZ responded, fueling speculation that Ye might be preparing to launch a cryptocurrency on Binance or another blockchain network.

Rumors of a $YZY Token

Adding to the buzz, Ye tweeted, "All current coins are fake. I'm launching next week." This led to rumors of an upcoming cryptocurrency, potentially called $YZY, tied to his Yeezy brand. The tweet was also later deleted.

According to CoinDesk, $YZY was designed to be the official currency for Yeezy's website, allowing fans to purchase products directly. The token was reportedly set to launch on February 20 but was delayed. Crypto enthusiasts flooded Ye's replies, recommending different blockchain networks.

Blockchain Ambitions

In a surprising twist, Ye suggested considering launching his own blockchain instead of simply releasing a token. Sources indicate that he may be weighing options like forking Solana or Dogecoin to create a dedicated "Kanye blockchain."

His advisor allegedly suggested this move to give him more control, similar to Donald Trump's $TRUMP coin.

Is Ye in Control?

Many in the crypto community have expressed skepticism about Ye's involvement. Some speculate that his X account may be compromised. Dave Portnoy, founder of Barstool Sports, raised concerns about the authenticity of a video posted on Ye's account.

Concerns About a 'Rug Pull'

While the potential launch of $YZY has generated excitement, it has also raised concerns. Ye's history of erratic business ventures and the reported centralization of token ownership have led many to warn of a potential cash grab.

Reports indicate that Ye's team sought to retain 70% of the token supply, leaving only 10% for liquidity and 20% for investors. This structure mirrors Trump's $TRUMP token, which faced criticism for its insider-heavy distribution.

Past Failures of Celebrity-Backed Tokens

The potential $YZY token launch comes on the heels of several failed celebrity-backed crypto ventures:

• $LIBRA (endorsed by Argentina's President Javier Milei) collapsed in a pump-and-dump scam.
• $BABY (DaBaby's coin) experienced a significant price crash soon after launch.
• $TRUMP has been criticized for its insider-heavy token distribution.

Given these failures, many question whether Ye's project will be any different or follow a similar pattern of hype and eventual collapse.

Ye's Ongoing Controversies

Ye's foray into crypto comes amidst ongoing controversy and business struggles.

• In 2022, he lost partnerships with Adidas, Balenciaga, and his talent agency after making antisemitic remarks.
• He recently listed a T-shirt with a swastika on his Yeezy website, leading Shopify to close his store.
• On X, he declared, "I'm no longer a Nazi," attempting to distance himself from his past statements.

His volatile behavior and history of abrupt business decisions make it uncertain whether $YZY is a serious long-term project or another unpredictable chapter in his career.